Pre-earnings jitters follow-on the Friday jobs report weakness and we got a gap down after all. I will look for increasing S&P500 support between SPY $86.50 & $87.50. Cumulative tick remains very weak at the mid-day.
11:50AM PST - Market is approaching S2 ($86.80), but with Tick as negative as it is, I'd stay away with longs and reassess at the close.
Close - Taking a long swing trade at SPX 865 on oversold conditions, but keeping size small. Lots of specific news risk around earnings in the weeks ahead and we are in options expiry week in what remains a relatively shallow volume environment.
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